https://www.taxtmi.com/caselaws?id=273583 The court upheld the validity of Rule 341 under the Stamp Act, clarifying its role as a guideline rather than a conclusive determinant of market value. It emphasized that market value determination should consider evidence beyond Rule 341 multiples. The court ruled that Section 47-A does not authorize the Collector to impose penalties for undervaluation, rendering such penalties invalid. The Collector's order was quashed for reliance on Rule 341 and unauthorized penalty imposition. The case was remanded for a fresh determination based on comprehensive evidence, leading to the allowance of the writ petition and setting aside of the Collector's order. en-us Thu, 29 Aug 1985 00:00:00 +0530 Tue, 03 Jul 2018 17:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273583 The court upheld the validity of Rule 341 under the Stamp Act, clarifying its role as a guideline rather than a conclusive determinant of market value. It emphasized that market value determination should consider evidence beyond Rule 341 multiples. The court ruled that Section 47-A does not authorize the Collector to impose penalties for undervaluation, rendering such penalties invalid. The Collector's order was quashed for reliance on Rule 341 and unauthorized penalty imposition. The case was remanded for a fresh determination based on comprehensive evidence, leading to the allowance of the writ petition and setting aside of the Collector's order. Case-Laws Indian Laws Thu, 29 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273583